Question

Define consumer's risk and producer's risk

Answer 1

Consumer's risk or Consumer risk is a potential risk found in all consumer-oriented products, that a product not meeting quality standards will pass undetected through the manufacturer's quality control system and enter the consumer marketplace.
Producer's risk is the probability that a good product will be rejected as a bad product by the consumer. Or rejecting the lot of satisfactory quality is a risk faced by any producer, the probability of rejecting a lot under the sampling inspection plan is called Producer's risk.

Answer 2

Consumer's risk is an inherent risk detected in all consumer-oriented commodities. If a commodity not satisfying quality measures, possibly it can pass undetected by the manufacturer's quality administration system and can be accessed in the customer marketplace. Acquiring a lot of disappointing character is a danger for any consumer.

Producer's risk is the possibility that a genuine product will be discarded as bad merchandise by the consumer. Or denying a lot of satisfying quality is a danger suffered by any manufacturer, the possibility of declining a lot under the sampling investigation plan is called Producer's risk.